⚡️According to experts from the British payment platform Worldpay🇬🇧, the demand for digital wallets in China🇨🇳 and India🇮🇳 is growing

⚡️According to experts from the British payment platform Worldpay🇬🇧, the demand for digital wallets in China🇨🇳 and India🇮🇳 is growing

Continuing the information. In 2023, the use of digital wallets was highest among residents of countries in the Asia-Pacific region. Globally, the proportion of digital wallets in physical store purchases was 30%.

➡️ The survey was conducted in over 40 markets in the Middle East, Africa, Europe, as well as North America and Latin America.

➡️ According to Worldpay's report, last year in the Asia-Pacific region, 70% of all online payments were made through digital wallets. By 2027, this is expected to rise to 77%❗️
➡️ Additionally, 50% of in-store payments in India and China were made through digital wallets.

➡️ In the Chinese payment market, digital wallets like Alipay and WeChat Pay, as well as the UnionPay card network, currently dominate.

➡️ In India, the Unified Payments Interface UPI is expected to dominate. Overall, digital technology is very advanced there.
➡️ Chinese and Indian consumers prefer digital wallets for security reasons. The biometrics of digital wallets seem to offer stronger security than identification with bank cards.

➡️ Total spending through digital wallets in the Asia-Pacific region last year was approximately 10 trillion USD (mainly due to data from China). This amount includes purchases on marketplaces and at physical points of sale (POS).

👉 In comparison, in the USA🇺🇸, the proportion of digital wallets in the virtual sales sector last year reached 37%. For total spending in physical stores, the figure was 42%.

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